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20130129
20130206
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KQED (PBS) 43
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continues to see "downside risks" to the economy. unemployment is still "elevated". but household and business spending advanced. >> susie: darren gersh begins our coverage with that weak reading on the economy. >> reporter: last quarter, defense spending fell off the fiscal cliff. as lawmakers bickered, manufacturers who make things for the pentagon cut back production sharply-- defense spending fell 22% in the latest g.d.p. report, tipping the economy into the red. >> certainly manufacturers are pulling back and i think this is a bit of a wake up call that these cuts are real and that they have real effects on the economy. >> reporter: economists and markets did not panic over the drop into the red, because the economy is still showing signs of solid growth. businesses are still buying equipment and software. housing continues to bounce back. and consumer spending held up well, expanding at an annual rate of 2.2%. >> so if you look through some of the volatile components, demand underneath was solid and it doesn't suggest the economy is losing momentum. so a scary headline numb
theu.s.economyinthefourthquarte of. the u.s. economy in the fourth quarter of last year october, november, december contracted by 0. 1%. one-tenth of 1%. it was the first contraction in three years and it rattles financial markets. much of the slippage in gross domestic product, was due to what the u.s. federal reserves describes as quote weather related disruptions and other transitory facts unquote. the central bank is keeping monetary policy on hold. and says n worth of long-term securities a month, until there is a substantial improvement in the outlook for the labor market. also, the cut back in department of defense outlays, is likely to fuel concerns about the size of a slow down and the full economic fallout of the large quote unquote sequester cuts scheduled for a month from now, the start of march. the president's press secretary said this about the sequester. quote, across-the-board cuts to education, to research and development, would have repeat, would have, damaging effects on our economy and our long-term economic prospects. unquote. a growing number of analysts b
. the u.s. economy is a puzzling thing. today it added 157,000 jobs but the unemployment rate kicked up to 7.9%. also today the dow industrial average closed above 14,000 for the first time in five years, yet the government reported this week that the economy contracted in the fourth quarter of last year for the first time since 2009. so as congress agrees to delay a showdown over the debt ceiling and faces a march 1 deadline for across the board spending cuts, what to make of this darned economy, david? >> am i supposed to answer that? it is confusing. the stock market is up. employers are hiring, very slowly. the government now tells us that hey -- they hired a lot more last year than previously believed. auto seafls are up 14% from last year. housing sales are coming back. on the other hand the economy took a pause at the end of last year? unemployment is very high, 7.9%. among men between 25 and 54 one out of six is not working. so i think when you cut through all this what do you see? well, the stock market is going like this and the economy is going like this. that can't last. i c
continue to help the economy. >> reporter: the main reason for optimism: those positive revisions to november and december jobs data. it turns out, the government underestimated how many positions were added by 127,000. it was that miscount that helped push the dow over 14,000 for the first time in more than five years. and, at 14,000 the blue-chip index is about 150 to 200 points away from its all-time high. market pros like wayne kaufman predict new highs for stocks in coming weeks. >> many investors, retail investors, individual investors are reaching the point of recognition where they no longer believe the economy is going to collapse again, or that the stock market is going to collapse again. >> reporter: surely, an improving job market will keep investors jazzed about stocks. to that end, economists expect employers to continue adding about 150,000 jobs a month this year and the unemployment rate to inch lower. >> i think by the end of the year we're probably going to be looking at unemployment rate of 7.5% to 7.4%. certainly not low enough to make the federal reserve happy
and cuts in defense spending. it did not announce any new action to stimulate the economy. wall street reacted by giving up some of its recent gains. the dow jones industrial average lost 44 points to close at 13,910. the nasdaq fell 11 points to close at 3,142. those are some of the day's major stories. now, back to jeff. >> brown: whither the economy? that's been the question for quite a while now. today, there was a surprising and perhaps confusing new twist. the commerce department reported that gross domestic product actually shrank in the last quarter of 2012. the drop was small, one tenth of a percent. but it was still the first time economic output had fallen in three and a half years. government spending dropped, most dramatically in the defense sector. the report, though, also contained some positive developments: consumer spending and business investment were both up. and yesterday, the so-called case-shiller index found that housing prices grew in 20 major cities by an average of 5.5% over the previous year. it was the biggest gain in six years. we talk it through, with joe
on the economy. >> reporter: however, if mortgage rates only move up slightly, that's likely to bring more buyers into the market. that's because many people have been waiting on the sidelines for a signal the housing market has bottomed. suzanne pratt, "n.b.r.," new york. >> tom: as home prices have risen, so have the stock prices of many home builders, with the stock prices more vulnerable than the housing market. the yellow line, the year-over-year changes in home prices. the blue line, the home builders' stomach exchange traded fund. they move higher before home prices do, and move lower before the prices crack. megan mcgrath is with us tonight. you've looked at this relationship between the actual price of homes and the home building stocks. what does the rally in home building stocks tell you today about home prices in the month ahead. >> it is certainly telling us investors are expecting prices to continue to go up, and to go up quite a bit. prices as well as volume. there is a relationship there, too. we heard some good things about pricing today from daryl horton, prices up 9%, 6% on the
that the revolution of 2009 was part by the fact that it was a rigged election, an illegitimate economy. the clip i wanted you to show was the one in which he said, he was asked about the policy of containment. it was not a bad during issue. he says, yes, i support the administration's policy of containment. he then gets a note that says, i have been told that i made a mistake. of course i am not in support of that. a policy of this administration on containment is that it does not have a policy of containment. at which point democratic senator levin had to rescue him and said, in fact, the administration has a policy of containment, and it is to oppose it. he was clueless. >> colby? >> he was in the position where he had to dodge a little bit. let's go back to the exchange with senator mccain on the surge. the issue was never the surge when you talk about iraq. the issue, as senator nelson from florida said, going into iraq because we thought there were weapons of mass destruction. we end up with 4000 americans dead, $1.90 trillion from the war, and you tell me the issue is the surge? the issue wa
want the sequester actually to go forward which would put the breaks on the economy at least to an extent and drive more people back into bonds. >> reporter: others say any return to bonds may be short- lived, as the u.s. economy is showing new signs of strength. >> i think we expect more improvements, moderate improvements. but, you know overall that's usually a cause or thought that rates could go higher. and, in that regard it's probably not a market that will have the same sort of returns that we've seen over the past two years. >> reporter: so, it seems most agree the bond market is unlikely to be a cash cow for investors going forward. at the same time, however, worries about a bond market bubble seem unfounded. suzanne pratt, "nightly business report." >> susie: immigration reform takes center stage this week. a group of senate democrats and republicans agreed today on what they called a framework for comprehensive immigration reform. tomorrow, president obama heads to las vegas to give a policy speech on immigration. with washington focused on immigration, citizenship
: on wall street today, stocks finished lower on mixed news about the economy, and worries about tomorrow's important jobs report. jobless claims rose by 38,000, more than expected. consumer spending rose slightly in december, as personal income climbed 2.6%, the highest increase in eight years, on this last trading day of january, the dow lost almost 50 points, the nasdaq was unchanged, and the s&p fell about four points. despite the sell off today, january was a strong month for stocks. the dow surged 6%, its best january since 1994. a 4% gain on the nasdaq, and the s&p jumped 5%. on wall street, they say a big january for stocks usually means a big year as well, it's called the "january barometer." if stocks follow history, they could be up by 20% or more. will that hold true in 2013? joining us with his thoughts on that, scott wren, senior equity strategist, wells fargo advisors. so scott, are you changing any of your forecasts for this year based on this strong january? >> well, susie, really january has been stronger than what we thought. we've had a 15, 25, year entarget out there
of fear about inflation. specifically, they worry the federal reserve's efforts to boost the economy will devalue the dollar, so they want to own alternative currencies. but silver doesn't just benefit from safe-haven buying, it's also an industrial commodity. it's used in automobile manufacturing. and many automakers are forecasting increased global demand for new cars and trucks. the big question, of course, is where silver heads from here. from 2001 to 2010, silver moved from about $4 an ounce to $20. but in 2011, prices peaked at nearly $50, but then pulled back. according to a recent survey, precious metals experts think silver will average around 40 dollars an ounce this year, a gain of over 30% from 2012. so what could derail the silver rally? >> silver has been kind of trading between this 28 and 32 level for some time now. and, i think if you find that there is a raise in interest rates to curb inflation, i think you are going to find that's very bearish for silver. >> reporter: another risk is a big rally in the stock market. if investors get more comfortable with risk, the
for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: former u.s. senator chuck hagel faced a hostile reception today from half of the committee that must sign off before he can become secretary of defense. his senate confirmation hearing centered heavily on criticism from his one-time republican colleagues. the atmosphere was friendly enough at the outset as chuck hagel began his big day before the armed services committee. he quickly sought to allay concerns on both sides about his positions on everything from iran to israel to nuclear weapons. >> no one individual vote, no one individual quote, no one individual statement define
. all of this with a troubled economy at home and calls for a lighter footprint abroad. i'm pleased to have tom donilon back at this table. welcome. >> thank you, charlie. >> rose: we are now into a second term. what do we mean by lighter footprint? >> well, if we step back on that, at the beginning of 2012, the president after a multimonth review, close consultation with the uniformed military, the joint chief, service secretaries and combatant commanders around the world put together a new defense strategy. that defense strategy had to take into account that the budget control act required the defense budget over ot next ten years to be reduced by $500 million or so, a little less than that. and which would require a 5% decrease over what were the plans. and in doing that the president asked the military to think about what the new challenges were going to be. what were the real challenges we were going to face. and that defense strategy was comprehensive. and it had various pieces to it that we would look to agile forces, that we would look to having a global footprint. but with
economy. it's about .2% compared to germany and france are double that, and the really generous gives are above .7. they're over three times, that people like swooden and norway. you could say your defense budget and aid budget, add those together, that's your international engagement. because we have by far the world's biggest defense budget and we have the biggest international engagement budget. the europeans choose to balance their international engagement into vaccines and aids drugs and things like that. so they're less about-- they're more about getting people lifted up so they can be self-sufficient. >> rose: you get a lecture last week, yesterday-- >> yes, yes. >> endowed by some journalists at the bbc, and what's interesting about it to me is you sailed three things. three convictions. the first was-- your work had given you three convictions. one-- i want you to elaborate on this-- when had gone improves life improves because disease and bad help insinuates itself into every aspect of your life. >> that's right. . in our country, kids have such a healthy life, that they go
. the globalization of the economy which i believe has created a new entity that i call earth inc. where factories, where large corporations have virtual factories that span the globe. and they have a new relationship to labor, capital, natural resources, nation states, it's a completely new reality. and these and other-- including the rise of china, other emergent centers of power, the roll of the u.s. changing, something we need to address as americans, and i set out to try to discover how these multiple revolutionary changes are interrelating one to the other and what choices they pose to us. how we really have to get involved in steering our way into the future, and choosing options that can make it better than it otherwise might be. >> in order to take advantage of all these forces, though, you also suggest that democracy in part has been hijacked, that washington has become dysfunctional. >> yeah. >> and that threatens our ability to use all the tools. >> absolutely. we have two macro tools to use in shaping our future, roughly speaking. democracy and capitalism. in the world of political sy
convention. we always did that. but the whole damn economy was based on throwing parties. and now we've got a real economy with young people knowing that they have jobs. >> rose: and young people coming in because of the way of living and because the world is obviously as tom friedman said flat. so time and distance are shorter and all that. >> and why not live here. yesterday, monday morning i flew to new york. my plane was late because it was raining, and snowing on the ground at laguardia. i left, it was just a gorgeous day like this i was almost crying in my driveway as i got to the car to go to new york, because it was such a beautiful day here, why leave. >> rose: we continue this evening with the mayor of new orleans, mitch landrieu. >> it was a tragic moment in that building just outside of our window that had 13,000 american citizens in it. it had the roof peeling off of it. and it was just a bad time. and since that time the people of new orleans did something that i think is pretty miraculous. they didn't accept the fact that the city was going to continue dying. in fact, katrina
news of the day. here's hari sreenivasan. >> sreenivasan: the u.s. economy grew in january, but not enough to slow down unemployment. u.s. employers added 157,000 jobs last month, but the unemployment rate still ticked up to 7.9%, showing job availability isn't keeping pace with the number of people who want to work. the labor department figures also painted a better picture for hiring at the end of 2012. white house press secretary jay carney welcomed that news, but said it was not good enough. >> we still have work to do and we need to make sure that when we device economic policies and we negotiate with congress on how to move forward, that we cannot neglect the essential responsibility to insurance that the policies we put in place promote job creation, promote economic growth. >> sreenivasan: on wall street, the jobs numbers pushed the dow jones industrial average above 14,000, a level it hasn't reached since 2007. the dow was up 149 points to close above 14,009. the nasdaq rose 37 points to close at 3,179. for the week, the dow gained three-quarters of a percent, and
the economy collapsed. it was those types of products that were securitize, they were put into investment vehicles but in order for those investment vehicles to be purchased bid pension funds, mutual funds, they had to be rated so it was standard & poor's that would say to them that the c.b.o.s had the highest rating, the a.a.a. rating. only then were they able to be purchased by these investors but all along it was well known that those investments, that collateral, was not as good as they said. so at the end of the day if you look at why the financial collapse took place and why it was so large it was because you had standard & poor's saying that these were good and they were really bad. >> brown: s&p put out a statement right away, yesterday, they said, look, we used our best judgment and they said in essence everybody was wrong. a quote "unfortunately, s&p like everyone else did not predict the speed of the coming crisis." how do you prove otherwise? >> you prove it when you look at their, mals and models they could have used that have better insulation and you see what was driving th
.org/thisweek. thank you for watching. good night. gwen: the ping-pong economy, the new immigration fight and chuck hagel's not so good day. tonight on "washington week." wall street and the housing sector are rebounding but job growth is stagnant, consumer confidence shaky. what's up with the economy? in washington, bipartisanship roars back. >> for the first time ever, there's more political risk in opposing immigration reform than in supporting it. >> the issue of immigration is not a simple one but i think we have the opportunity to do it right and -- gwen: will immigration reform finally happen? and chuck hague 's rocky confirmation hearing. >> please answer the question. were you correct or incorrect when you said that the surge would be the most dangerous foreign policy blunder since vietnam? yes or no? >> my reference to -- >> are you going to answer the question senator hagel? the question ask were you right or wrong? gwen: the president's pentagon choice finds hit -- his worst enemies in his own party. covering the week, david wessel of "the wall street journal." covering the week, david
immigrants contributed 17 billion in the texas economy at a cost of 1.5 billion. when you are talking about the economic argument, economists say we need to legalize undocumented immigrants. when you leave immigration in this kind of tenuis way, a path to citizenship, people want to know what are the specifics. what does that look like? right now, getting at the end of the line is 110 years back. so there's something missing in terms of really going deep and frankly in terms of the president. this would be a moment to say let's look at who we are as an immigrant country. more money is spent on immigration enforcement than any other law enforcement combined. >> understand the argument you're making and the business community over woman the supports you. they want this immigration reform, they want people who are here illegally to be given citizenship. what i'm trying to get at is there is clearly opposition to this reform. we heard it in that peace and we hear it all of the time from conservatives in the country who say there cannot be amnesty for people who are here was broken the law. >> w
there have confirmed that there is expected to see a net gain to our economy from a legalization program, but the most important thing... >> the c.b.o. score... ifill: just allow her to finish. i'll be right back with you >> but the most important thing to also take into account is that over the past four years, 1.6 million immigrants have been deported. just last year at a cost of $18 billion. i think what we need really is an immigration system for the 21st century. i know mr. kobach wants to keep promoting anti-immigrant laws. and in many ways is opposed to illegal immigration but we need a system that works >> i think that last characterization was completely inaccurate. i and many other americans who favor the rule of law are very much in favor of legal immigration. we are a country based on the rule of law but illegal immigration does no good for our economy. in terms of those costs the c.b.o. numbers don't take into account those... the medicaid medicare and all the other welfare program costs in the out years. it is a huge huge drag on our fiscal situation if we basically give ac
rate. the current mayor, bloomberg, has done a lot for the city's economy but it was koch who took over when things were at their depths and even people who don't like him i think give him credit for doing that. >> how about his record on race relations she? >> well, it's very controversial. he got elected with support of the black community but then double crossed them. that was why a lot of people didn't like him. he did deals with people and often turned against them. he was also accused of -- and i was living here at the time, he certainly wasn't very sensitive to police brutality and things like that. he tended to take the view of the people in the outer burrow, mostly white new yorkers, who thought things were spiraling out of control and he needed a sort of crackdown on crime. so he started off pretty popular with the black community but he didn't end up very popular and it was of course new york's first black mayor who eventually defeated him when he ran for mayor for the third time. >> tell us more about the reaction on the streets of new york today. >> well, i mean, like every
. >> major funding for the pbs newshour has been provided by moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: for the first time in years, there was serious talk today of getting congress to act on immigration. senators from both sides of the aisle joined to offer propose manies and said they'll work to get them passed by summer. >> we are dealing with 11 million human beings who are here undocumented, the vast and enormous majority of whom have come here in pursuit of what all of us would recognize as the american dream. that's what we endeavor to move forward here on. >> ifill: that announcement today moved immigration reform to the front burner in congress. eight senators, f
to the american economy. >> it was a definite sense that justice backed off. >> did the government fail? >> a number of people told us that you didn't make this a top priority. >> well, i'm sorry that they think that because i made it an incredibly top priority. >> that's lanny breuer, the assistant attorney general in charge of the criminal division at the justice department. a week after the frontline report, he stepped down and is now expected to return to private corporate practice, one more government appointee spinning through the lucrative revolving door between washington and wall street. that door could be a big reason why government treats the banks with kid gloves. a man who once worked for citigroup, jack lew, the president's chief of staff, has been picked to be the new treasury secretary. and mary jo white, the newly named head of the securities and exchange commission, is a chief litigator at a top law firm representing big investment banks like morgan stanley. with all this happening, it's time to talk with journalist matt taibbi. you've seen him on our broadcast before.
for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: president obama made his first second-term foray outside washington today, with a call to stop gun violence. it was part of a campaign-style effort designed to goad congress into action. >> we don't have to agree on everything to agree it's time to do something. >> ifill: the president took that message to minneapolis, a city that's already imposed stricter background checks on gun buyers. the white house plan calls for those checks, a renewed ban on assault-style weapons and limits on high-capacity magazines for ammunition. >> the only way we can reduce gun violence in this country is if the ameri
Search Results 0 to 42 of about 43 (some duplicates have been removed)